Top 10 biz headlines: FM interview on stimulus, RIL rights issue and more

Calling her stint as finnace minister during the pandemic “the most challenging assignment yet”, Nirmala Sitharaman said she was not upset with the criticism that the recent stimulus package was too little. Here are the top ten business headlines on Wednesday morning:

Door open for stimulus 6.0; govt with industry: FM Sitharaman

On what her broad message would be for India Inc, Finance Minister Nirmala Sitharaman on Tuesday said she would continue to be engaged with industry as it coped with the Covid-19 stress.

She has scheduled video-conference interactions with business chambers, such as the CII and Ficci on Wednesday and Thursday. Read more here

The government is considering temporarily setting caps on airfares once air transport resumes after the lockdown, to protect both consumers and airlines, say officials. Read more here

Turn on the lights: Non-essential retail back as govt eases lockdown norms

Non-essential retail establishments re-opened on Tuesday across the country as states relaxed their guidelines, with as many as 4.5 crore shops resuming operations, according to the Confederation of All India Traders. Read more here

After the two companies called off a joint venture almost a year ago, Tata Steel Europe has restarted negotiations with Germany’s Thyssenkrupp for a possible merger as both are facing a tough financial situation. Read more here

RBI refuses a dozen licences to NBFCs with investments from Mauritius

The Reserve Bank of India has rejected at least a dozen applications for greenfield investments or acquisitions as it scrutinises FDI in NBFCs routed through private equity and venture capital funds from Mauritius. Read more here

Reliance to use 3/4th of Rs 53,036 crore rights issue to repay debt

Reliance Industries will use three-fourth of proceeds of Rs 53,036 crore from its mega rights issue that opens today for repayment of some of its borrowings, according to the offer document. Read more here

India’s account surplus to touch $20 bn in FY21 due to Covid-19: Barclay

As imports continue to plunge due to the coronavirus-driven disruptions globally, India may end the current fiscal with a record surplus of about $ 20 billion or 70 bps of the GDP, said an analysis by foreign brokerage Barclays on Tuesday. Read more here

Icra revises domestic steel industry outlook to negative from stable

India’s domestic steel demand is expected to remain subdued until the Covid-19 pandemic is brought under control, said Icra’s latest report on the sector, adding domestic demand is estimated to decline by 20 per cent in FY2021. Read more here

Facebook takes on Amazon with online shopping, commerce venture Shops

The Facebook on Tuesday announced a handful of updates signaling the company’s commitment to online shopping and commerce, one of the areas Mark Zuckerberg highlighted as a priority for this year. Read more here

Credit line for street vendors may’ve few takers; half of 10 mn not covered

A majority of street vendors, due to closure of their business, do not have the liquidity to pay back a loan and the package, according to estimates by street vendors’ associations, will cover only half of the 10 million vendors across the country. Read more here